Introduction
BeFit Decentralized Finance is therefore a platform that gives full authority to users in terms of operations and assets in addition to being a place where cryptocurrency is earned passively in massive yields through liquidity, farming or staking. This is the platform where market movements can either work in or against your favour.
BeFi Protocol
Liquidity providers, farmers and stakes are the three kinds of people or users who are permitted to interact with the protocol platform. This protocol as well as the BeFit platform is supported by the Binanace SmartChain Network; boosts the application of BFT tokens. Through BFT tokens, users can transfer value in an easy manner.
For liquidity, farming and staking functions to be boosted, BFT has to be a transferable token for both positive and negative cash flow (receive or loan) at specific times.
Staking
Both BFT and WELB tokens can be supplied to the BeFit protocol for rewards.
Based on the level of reward stakers want to attain, they determine the agreement duration for which their tokens will be blocked.
The blocks that build BeFit platform are BFT tokens which are transferable representing both negative and positive cash flow. The staking period is at least 1 month.
The building blocks of the BeFit contract includes;
- Binance SmartChain Network: to enable the liquidation functionalities of borrow and lend.
- The JavaScript Code: it is a code that functions on the browser including receiving inputs from HTML sources, plug-in call wallet for pledge contracts.
- HTML Sources/Pages: such as css, html pages, images that appear on browser to aid the user
Additional blocks not implemented by BeFit are: - Binance SmartChain Dataseed Service: its dataseed is given by Binance while the Ethernet is infura.
- The Price Contract: functions on chain link to offer coin updated prices.
Farming
This is the process whereby an investor determines and plans the tokens to lend and the preferred platform carefully. Holders can choose for their funds to be lent through liquidity pools to be rewarded. Token farming is quite simple and the procedures are as follows:
- Funds should be deposited into the BeFit platform by users (BFT/BNB/WELB)
- The token LP/BFT of the platform as well as APY is received which can be reused for yield farming.
Liquidity
LPs are the Liquidity providers who sustain the ecosystem by depositing their funds into the liquidity pool and afterwards get rewarded for their efforts. As a result of the funds given into the pools by LPs, others can borrow, lend and even trade cryptocurrency.
To borrow an asset, the user has to deposit a crypto collateral up to 200% the worth to be borrowed in some lending protocols.
Conclusion
Liquidity returns are dependent on the trading capacity, asset price when withdrawn and supplied and the liquidity pool's size. Trading activities influence the ratios so, investors should be aware. Decentralized finance systems eliminates the use of central bodies who govern operations in the system and give total control of assets to users via dApps (decentralized peer-to-peer apps).
BeFit platform is safe by blockchain for staking, farming and liquidation for interests.
USEFUL LINKS
Website: https://befit-defi.com/
Whitepaper: https://drive.google.com/file/d/1GIErfvDWTwqP58Fn384GYNMF6j1s_Nxe/view?usp=sharing
Telegram: https://t.me/BeFiTDefi
Twitter: https://twitter.com/BeFiTDeFi
AUTHORS DETAILS
Bitcointalk Username: Esty2281
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2737693
Bsc Wallet Address: 0xA181d93387DF684AD94D79f40E77E16f1BfE1a39